A cement company is the new owner of a property in Queens where it already has a location.
SRM Concrete, a family-run firm based in Tennessee, has purchased 120-05 31st Ave. in College Point, Queens for $60 million, property records show. The company bought the site from the Long Island-based Ferrara family, which had purchased it from the city in 1997, according to property records.
The concrete firm currently operates a plant at the address, according to its website. It plans to continue running the plant as the building’s new owner, CEO Jeff Hollingshead said in an email, noting that SRM’s “approach is to own our locations rather than lease them.” (Many of the city’s luxury retail brands have recently been opting to take this same approach.)
The deal included a $39 million mortgage from BMO Bank, property records show.
The building at 120-05 31st Ave. stands two stories tall and spans about 15,500 square feet, according to commercial real estate database CoStar. It is one of many plants that SRM has throughout the city. They are mostly in Brooklyn and Queens and include one near the site it just purchased at 34-16 College Point Blvd.
A representative for the Ferrara family could not be reached for comment by press time. U.S. Concrete appears to have purchased the family’s building materials company in 2015 for $60 million, according to reporting at the time. U.S. Concrete itself was then purchased in 2021 by Vulcan Materials Co.
The city’s industrial market remains in good shape even as it has fallen from the heights it reached early on in the pandemic. Companies leased more than 2.8 million square feet of industrial space in the outer boroughs last year, making it the sector’s strongest year since 2020, according to data from JLL.
A nearby industrial site at 121-16 31st Ave. also just traded hands for about $9.9 million, and industrial giant Prologis recently inked a blockbuster deal to buy a Greenpoint site from Exxon-Mobil for about $122 million.
